U.S. Energy Secretary: "Significant Increase in Vessels Passing Through Hormuz"

Emphasizes Oil Prices Did Not Exceed $200

Impact of Strategic Reserve Release and China's Reduced Crude Oil Imports

U.S. Secretary of Energy Chris Wright said on June 9 (local time) that the number of vessels passing through the Strait of Hormuz is "increasing very significantly."

Secretary Wright made these remarks when asked about the current situation of shipping volume through the Strait of Hormuz compared to one or two weeks ago, while attending the "2026 Global Energy Forum" hosted by the Atlantic Council, a U.S. think tank, in Washington, D.C., on this day.

Regarding the fact that international oil prices have not exceeded $200 per barrel despite the energy supply shock caused by the blockade of the Strait of Hormuz following the Iran war, Secretary Wright said, "Multiple factors are working together."

He pointed to the release of strategic petroleum reserves by more than 30 countries, including the United States, as one of the factors. He also stated that China's recent move to reduce its crude oil imports to around 4 million barrels per day, despite being the world's largest crude oil importer, has had an impact.

Secretary Wright described China's reduction in crude oil imports as "They have stopped accumulating strategic reserves," adding, "They are releasing part of their reserves, have lowered refinery operating rates to reduce product output, and are contracting economic activity. However, this is not a permanent change."

Regarding how long it will take for energy prices to normalize, Secretary Wright said, "It will take some time," and explained, "Ships are rerouting, and some supply chains are either changing or experiencing disruptions, so it will likely take several months for energy flows to return to normal."

He added that the impact of the blockade of the Strait of Hormuz "was not absorbed without any effects, but we have weathered it far better than expected," and stated, "If you consider the alternative to this situation, I believe the (currently soaring) energy prices are a price worth paying."

This content was produced with the assistance of AI translation services.